CPI sells computer peripherals. At December $31,$ year $1,$ CPI$$s inventory amounted to $$630,000.$ During the first week in January, year $2,$ the company made only one purchase and one sale. These transactions were as follows:

January $2$ Purchased $20$ modems and $80$ printers from Sharp. The total cost of these machines was $$38,000,$ terms $3/10,$ n$/60.$

January $6$ Sold $30$ different types of products on account to Pace Corporation. The total sales price was $$23,000,$ terms $5/10,$ n$/90.$ The total cost of these $30$ units to CPI was $$12,880($net of the purchase discount$).$

CPI has a full$-$time accountant and a computer$-$based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable.